Earn Extra Cash Rent Your Driveway

Earn Extra Cash Rent Your Driveway

Renting spaces from broom-closet sized extra rooms to vacation properties with ocean views is a snap, thanks to the Internet.

Why shouldn't renting your driveway be just as easy? After all, finding somewhere to park is also about location, location, location.

ParkatmyHouse has already cornered the niche market for select parking spaces in the United Kingdom where 40,000 property owners' digital parking meters have been stuffed with $5 million since the website's 2006 launch across The Pond.

Now they are coming to America to keep you from circling the block.

ParkatmyHouse founder Anthony Eskinazi was in America studying at UC-Berkeley and discovered just how valuable a parking space can be when he visited AT&T Park in San Francisco to see a Giants game -- $30 or more.

When he spotted an empty driveway a stone's throw from the diamond, he took his idea home and launched a listing site for parking spots.

Now, he's returning to America with BMW venture capital money to get your driveway, garage or other parking space listed for rent. Once the U.S. site's data base holds sufficient parking spaces from property owners, drivers can compare and shop and for places to park.

Not limited to single-family home driveways and garages, the site will list spots for anyone who has space to fill from churches and schools to small businesses and strip malls.

Obviously, spaces nearest public transit centers, downtown areas, theaters, stadiums and other attractions will garner the highest rents, but all will have to compete with existing parking facilities.

You can rent your space by the hour, day, week or month. The only restrictions could be those imposed by a homeowners association, city ordinance or other jurisdiction.

In the UK, the average renter earns $46 a week, converted from British pounds. Where parking spaces are in high demand some spaces earn more than $4,600 a year. Parking spaces around sports venues are going for $15 a day, according to ParkatmyHouse.

A church near the busy Kings Cross Station in London has earned $180,000 from the website in the last three years, more than half of the church's annual income, according to Eskinazi.

The service is free for drivers to browse and contract. It's also free for parking space owners to list. Parking space owners pay a 15 percent fee when a space is rented. Renters can pay via cash, check, PayPal or other methods.

Users do not have to exchange personal information or even communicate. All transactions can be accomplished through the website.

ParkatmyHouse.com doesn't publish the exact address of a space, which the space owner discloses at his or her discretion once a transaction occurs or for viewing purposes. Nevertheless there's always a risk when a stranger parks at your house.

ParkatmyHouse advises homeowners to check with their homeowners insurance company before renting out their garage or driveway. No matter where drivers park they typically park at their own risk, but should check with their auto insurance company before parking long term anywhere.

The idea isn't completely new.

Drivers and property owners long have used CraigsList as a parking marketplace. And you can shop around for the best deal from ParkWhiz, ParkingSpotter, Parking Spaces 4 Rent and Your Parking Space, among others. 

Kelly Olsen Headshot
Phone: 201-669-7520
Dated: January 20th 2012
Views: 1,053
About Kelly: Having the right real estate agent means having an agent who is committed to helping you buy or sell...

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